WEEK 10 EOC : WHAT WE SEE OURSELVES DOING

All of the information that I have learned through this class will definitely be very crucial in my future. In the fashion industry I am pursuing a career in the creative and visual side. I will know how to properly document the costs and the inventory of my business that way I stay on top of all of my work. I will have a sufficient knowledge in the accounting field therefore giving me an upper hand in the industry. My business will be a creative and visual company that will help you achieve and execute an idea or a concept. I will know how to manage my finances even though I personally won't be the main accountant but I would have some insight into where all my funds actually go. The terminology alone will make people realize that I know what I'm talking about and that I know where all my funds go. Like we learned in class the reason most successful restaurants end up having to shut down is because that they don't know how to properly manage the funds and investments. They end up having too much inventory or not enough inventory. When I run my business I will have an insight on how to keep tabs on all my investments and funds. I strongly feel that this class will definitely help me along my journey to becoming a very successful business women. Although accounting was very difficult to grasp in the very beginning of the class I was overwhelmed with all the numbers and I was unable to work Microsoft Excel but after the first 2 days of the class I felt very comfortable going through the quizzes.  

Week 9 : EOC

“I think I can buy it at a great price,” said Dan Flood. He was talking about the Watershed Restaurant. The property was for sale and Dan was meeting with Loralei Glenn, his friend and an experienced restaurant manager. “It’s losing about 7 cents on each dollar sale now,” continued Dan, “but I know we can turn that around.”

Loralei considered Dan’s proposal that they form a partnership, acquire the restaurant, and share in the profits they planned to make. She knew that, before it was possible to share profits, they would actually have to make a profit. That meant, to go from losing 7 cents per dollar to making money, they would have to increase sales, reduce costs, or both. She mentioned that to Dan.

“Well,” he replied, “I’m not sure we need to increase the sales at all. If we buy at the right price, I think we just need to reduce our costs. You can do that!”

Assume that the restaurant’s sales volume last year was approximately $1,400,000, and thus its loss for the year was about $98,000.

    1. If Dan and Loralei decide to buy the restaurant, some fixed costs would be incurred. List at least five important fixed costs that would be directly affected by the purchase decisions Dan would make regarding the acquisition of the property.
    2. If Dan and Loralei operate the restaurant, some variable costs would be incurred. List at least five important variable costs that would be directly affected by the operating decisions Loralei will make as she manages the restaurant.
    3. Consider the decisions Dan and Loralei will make if they choose to acquire the restaurant. While clearly both are important, whose decisions do you think are the most important to ensuring the future profitability of the Watershed? Why do you think so?

Week 8: EOC Quiz 8, Question 4

a. What were the total revenues in October 2009 and October 2010?

b. What was the GOP in dollars in October 2009 and October 2010?

c. What was the percentage of GOP to total revenues in October 2009 and October 2010?

d. What was the flow-through percentage achieved by Santi’s hotel? What is your assessment of that percentage?

Answers: 

a. Oct. 2009 revenues =$545,000

Oct 2010 revenues $583,000 

b.  Oct 2009 GOP= $162,000

Oct 2010 GOP= $184,550

c.  Oct 2009 GOP%= 29.72%

Oct 2010 GOP %= 31.66% 

d.  Flow Through % = 59.34% Flow through is high (over 50%) and it can reflect efficiency on the part of management in converting additional revenues into additional profits.

Week 6 EOC: Weed in the Workplace

"Employers with employees who use medical marijuana will have to do some studying into the employee's job requirements. In those states where an accommodation is required, an employer needs to carefully evaluate the job before taking any action due to the use of medical marijuana." (Society for Human Resource Management)

To put into perspective how marijuana affects people in the workplace you need to think about the type of environment that the employer will be in. As a fashion professional, in the workplace I would find it completely acceptable. Marijuana affects people all differently. It has different affects on the body.

During a study conducted in 2013, researchers from Melbourne to Barcelona, figured that different genes affect the influence of cannabis on the brain, and while performing all those cognitive tests on smokers vs. non-tokers, they also found that “daily cannabis use is not associated with executive function deficits.” "Why Pot Affects Everyone Differently." High Times. N.p., n.d. Web. 07 Nov. 2016.

Another argument is that recreational smokers have no affect to their executive functions. During years and years of smoking recreational users find it easier and more comfortable to function while using. It makes them more focused on the task at hand and generally makes their work excel v.s a non-recreational smoker it throws them off and does not make them focus.


Interestingly, the study also concluded, “daily cannabis consumption does not significantly impair executive functions among young users, not even in users with age of onset before 15 years old.” "
"Why Pot Affects Everyone Differently." High Times. N.p., n.d. Web. 07 Nov. 2016."

This study was done with 86 recreational marijuana smokers and 58 non recreational smokers and ouyt them through a series of different tests. "COMT Val158met and 5-HTTLPR Genetic Polymorphisms Moderate Executive Control in Cannabis Users." Neuropsychopharmacology. Nature Publishing Group, 2013. Web. 07 Nov. 2016.

WEEK 4 EOC: Chapter 5, Quiz Question 2

WEEK 4 EOC: Chapter 4 Quiz Question 3

QUESTIONS:

a. Compare Rachel’s Cash % with the chain’s %.  Is it higher or lower?  What might this mean?

b. Compare Rachel’s Inventories % with the chain’s %.  Is it higher or lower?  What might this mean?

c. Compare Rachel’s Accounts Payable % with the chain’s %.  Is it higher or lower?  What might this mean?

d. Compare Rachel’s Notes Payable % with the chain’s %.  Is it higher or lower?  What might this mean?

ANSWERS:

a. Rachel's is 4.5% and the chains is 6.70% This simply means that she is losing more money compared to the industries expectations. 

b. Rachel's inventories is 2.7% and the chain's is 1.30%. This means that she has way more inventory than needed

c. Rachel's is 11.3% and the chains is 10.50%. This means that she is going slightly over the amount that she owes from a lender. 

d. Rachel's is 2.5% and the chains is 1.10%. Again, like the accounts payable the notes payable fall under that same category. She owes just a little more than the average

Week 2 EOC: Greatest Restaurant Experience

One of the greatest restaurant experiences I've had was not at some high end luxury steakhouse or some luxurious 5 course meal, but it was at a middle class family restaurant. At the Blueberry Hill restaurant where my family and I always frequently visit, either for breakfast or dinner. The meals there always feel like home cooked meals so that is why we always visit. We also have created relationships with the servers and even the manager of the place since they see us and attend to us all the time. This particular time would have to be the best visit yet. We go in for dinner for my mothers birthday, we walk in and there is the manager greeting everyone that comes in with a smile. He asks us how we are doing and I tell him that we have come to celebrate my mothers birthday. He continues conversation and we are then escorted and seated at our favorite table as the manager knows. Our server comes and takes our order, very friendly and makes us laugh. We order desert and when we finally get ready to pay the bill the server comes to us and says "it's been taken care of". My father, mother and I all look at each other in shock. The manager waived the dinner cost. He said it was the least he can do.

"Hospitality managers working in restaurants and hotels simply must be able to accurately predict the number of guests they will serve as well as when those guests will arrive" (PG 353)

Now, for everyone free dinner would make any restaurant experience a great one. But this one in particular was great because of the care and one on one relationship that the manager and the servers have with the customers is a special one.

"Hospitality can be defined as the friendly and charitable reception and entertainment of guests or strangers." (PG 4 )

Anyone can take your order and bring out your food but there is that special passion one has to have to make an experience a great one. Blueberry Hill restaurants are the average family walk in diner type of restaurants but what makes it great is the attitude of the people working there.

"When hospitality is defined as the lodging and food services industries, it can include a variety of managers in related fields." (PG 5)

You can feel the warm friendly environment right when you walk in.

WEEK 1 EOC: My Voice

As a fashion retail management professional, I can confidently say that in my area of expertise there isn't just one definite job description and that is what I absolutely love about my profession. One day I could be sewing and helping out with a garment and the next I can be assisting in bringing a store from the ground up. Even on my off days I love watching documentaries about fashion houses and designers. Clothes themselves are a form of art and expression. People wear what they feel. I love learning anything and everything I can about street style, luxury brands and couture; even if it is just by me walking into Barney's or a store at Crystals and browsing through the different garments they have. The art and business of fashion is always constant and changes every day, that is what fascinates me about my industry.

WEEK 1 EOC: Chapter 1, Question 3

Laurie Tenk is a purchasing agent for a restaurant chain.  One of her suppliers has been late on deliveries the past two weeks.  She has discussed this with the salesperson, and he assures her that the problem will be solved.  In an effort to "make things right" the salesperson delivers two cases of hot dogs to her office for "sampling".  She plans to have a back yard barbecue this weekend for her neighbors.  The free hot dogs would lower her cost of this event considerably. 

From an ethical point of view, how should she handle this situation?

Explain your decision making process and defend your answer.  Use the five Ethical Guidelines in this chapter as a basis for your answer to explain what should be done with the hot dogs.

Answers:

a. Is it legal?

yes it is legal. 

b. Does it hurt anyone?

it does hurt the comapny. if an employer were to find out about her taking the samples home they would be upset that they didn't fairly share the supplies with the rest of the company.

c. Am I being honest?

No, the purchasing agent is not being honest with her employers. As I said in the previous answer if the employers were to find out about her actions, some of them would be very unhappy.

d. Would I care if it happened to me?

If i was the owner of the business I would immediately let my higher ups know about the situation at hand

e. Would I publicize my action? Yes I would because at the end I would know that I did the right thing

f. What should be done with the two cases of hot dogs? Given to my bosses